Trinity College in Dublin is seeking to sell the "naming rights" to part of its campus in a deal expected to generate €1 million over the first five years.

The university is to appoint consultants to identify a person or firm willing to part with €200,000 a year to have their “name plate” on part of the campus.

A spokeswoman for TCD, Ireland’s oldest university, said the location of the part of the campus to be the subject of the “naming rights” is not yet specified.

She ruled out the prospect of a "Guinness Long Room" or a "Ryanair Front Square" when confirming that these hallowed parts of the campus will not feature in the process.

The naming rights scheme also does not relate to the college’s new €70 million business school, currently under construction.

The spokeswoman noted the campus already contains the O'Reilly Institute named after Sir Anthony O'Reilly and the Martin Naughton Institute named after the Glen Dimplex founder.

She said the college also has a number of lecture theatres named after individual donors. “The practice would be in keeping with the majority of Irish and international university campuses. Should the naming of a location proceed it would be done with care and attention to the values of the college campus and community.”

However, general secretary of the Irish Federation of University Teachers Mike Jennings said TCD seeking to identify a party to pay for the "naming rights" for part of its campus "is embarrassing".

He said “It is really a shameful reflection on the state of this country that our higher education establishments have to sell themselves in this way.”